Monadelphous climbs after securing $120m in new contracts
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The news: Engineering group Monadelphous climbed on the ASX after winning four new construction and maintenance contracts in the resources sector totalling around $120 million.
The numbers: Monadelphous shares were up 2.9% to $13.35 by 11:20am AEST.
The context: Perth-based Monadelphous has been awarded a three-year contract in Papua New Guinea to continue providing sustaining capital projects and maintenance support activities at Newmont's gold operations at Lihir Island, where Monadelphous has been providing services since 2017.
The company has also secured two contracts with Rio Tinto in the Pilbara region of Western Australia. These comprise the provision of shutdown and miscellaneous works at Rio's Western Range Project, and the construction of a potable water distribution system at the Hope Downs 4 mine.
Additionally, Monadelphous has agreed a three-year contract to continue providing rope access and associated services for Dalrymple Bay Coal Terminal in Hay Point, Queensland.
The source: ASX announcement
